RUSAL, which is the world’s largest aluminum producer, has earlier applied to the London and Jersey courts for the first time in Russia’s corporate history for debt restructuring

MOSCOW, July 11. /ITAR-TASS/. The London High Court is convening a meeting of creditors of Russia’s aluminum giant RUSAL to vote on a scheme of arrangement of restructuring the company’s $5.15 billion debt, RUSAL said in a statement on Friday.

RUSAL, which is the world’s largest aluminum producer, has earlier applied to the London and Jersey courts for the first time in Russia’s corporate history for debt restructuring after failing to win unanimous support from its creditors.

The date of holding the creditors’ meeting was not specified in the statement. The Royal Court of Jersey will hold a hearing on July 15 on RUSAL’s request for the creditors’ meeting convocation.

By now, RUSAL’s request for debt restructuring has received support from 94% of the company’s creditors and the aluminum giant is currently negotiating the deal with the remaining 6%. RUSAL still needs to agree on a $3.6 billion restructuring deal with banks.

In early June, RUSAL postponed payments on its $3.6 billion debt until October 31, 2014. The aluminum giant, which had a net debt of $10.3 billion as of late March, plans to sign agreements on restructuring its $4.75 billion and $400 million syndicated loans in September 2014.

RUSAL has aluminum assets in 13 countries. The company integrates 34 enterprises. The aluminum giant’s core shareholders are En+ controlled by Deripaska (48.1% of shares) and ONEXIM Group of Russian billionaire Mikhail Prokhorov (17.02%).